It may be that US financial conditions are still relatively easy:
As it plunges into recession:
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But, with the Fed still tightening owing to wild inflation and wage growth:
US housing is beginning to buckle and will make everything economic worse in due course.
It’s not a price bust. At least, not yet. Prices are still rising:
Where the monetary rubber is hitting the road is in construction. Sales are tumbling:
This repeats the pattern of 70s housing busts in which prices were fine but building activity was wildly volatile. There’s a huge pipeline of activity to plunge next:
And, the money chart, a recession will follow to clear the inventory:
Lots of downsides ahead for the US economy yet.